Egypt and Kuwait sign agreement on crude oil

Egypt and Kuwait signed an agreement to store crude oil at the Arab Petroleum Pipeline (Sumed) Company before selling it to Mediterranean markets. Egyptian Premiership Spokesman Hossam Al-Qawesh announced the agreement in a press statement.

Egyptian Prime Minister Sherif Ismail’s met with the Kuwaiti delegation including Ambassador Salem Al-Zamanan and Nabil Bouresli, Managing Director of International Marketing at Kuwait Petroleum Corporation (KPC).

Al-Qawesh said that the two countries discussed a proposal to refine 50,000 to 100,000 barrels of Kuwait crude oil at Egyptian refineries. Bouresli said KPC is willing to help upgrade existent Egyptian refineries.